Still room for discussion on rejection of FGV directors’ perks - deputy minister

KUALA LUMPUR, June 26 (Bernama) — There is still room for discussion, following an unprecedented move by the major shareholders of FGV Holdings Bhd in rejecting resolutions pertaining to the payment of fees and benefits to the company's board of directors.

Deputy Minister of Economic Affairs Dr Mohd Radzi Md Jidin said he has read the news report about the issues and believed there must have been reasons behind the rejection.

“It is not the end of it. This could be solved through a proper discussion by the relevant parties.

“It just happened yesterday, so let us wait for the next course of action by the parties involved,” he told reporters at the sideline of Malaysian Gas Symposium (MyGas) 2019 here today, organised by Malaysian Gas Association (MGA).

In the FGV’s annual general meeting yesterday, the company’s three largest shareholders, the Federal Land Development Authority (Felda) with 33.7 per cent stake, Koperasi Permodalan Felda Malaysia Bhd (KPF) (five per cent) and the Armed Forces Fund Board (LTAT) (1.25 per cent), rejected resolutions on the directors’ pay packages. 

The shareholders, nevertheless,  approved all the other resolutions including the re-election of directors.

FGV chairman Datuk Wira Azhar Abdul Hamid was quoted as saying that the board members were clueless about the basis of the shareholders’ rejection and are currently discussing on the most appropriate action, as well on the options to resolve the issue.

Meanwhile, Dr Mohd Radzi said the announcement on Felda’s new chairman would be made soon, following the departure of Tan Sri Megat Zaharuddin Megat Mohd Nor.

Megat Zaharuddin stepped down less than a year after being appointed to head the federal agency on July 27 last year,  to succeed Tan Sri Shahrir Abdul Samad.

— BERNAMA